Economic Systems Review

Which of the following economic systems allows citizens full freedom in choosing a career and workplace?

• Capitalism

• Fascism

• Socialism

• Communism

Little to no freedom in selecting a career and workplace is a characteristic in which economic system?

• Capitalism

• Socialism

• Fascism

• Communism

What is a market economy?

• A combination of two economic systems

• An economy where the government makes all decisions

• An economy where customs and traditions make all decisions

• An economy where individuals make all decisions

What is a command economy?

• An economy where individuals make all the decisions

• An economy where customs and traditions make all decisions

• A combination of two economic systems

• An economy where the government makes all decisions

What is a mixed economy?

• An economy where individuals makes all decisions

• An economy where the government makes all decisions

• A combination of two economic systems

• An economy where customs and traditions make all decisions

The United States is an example of which economic system?

• Market

• Command

• Mixed Market

• Traditional

The former USSR (Soviet Union) featured which economic system that was the archenemy of the USA during the Cold War?

• Command Economy

• Market Economy

• Traditional Economy

• Mixed Economy

Communist Manifesto was authored by:

• A. Stalin

• B. Karl Marx

• C. Laski

• D. George Bernard Shah

What type of economic system did Adam Smith support?

• a free market system

• mixed economic system

• planned economic system

A philosophy that calls for very little or no government involvement in the economy.

• Industrial Capitalist

• Economics

• Supply and Demand

• Laissez-Faire